Your Credit Score
Thinking about applying for credit? Check Your Credit Score for free, with no impact on your credit file.
Everyday banking
Online services & more
Everyday banking
Everyday banking
Mobile Banking app
Profile & settings
Card & PIN services
Payments & transfers
Statements & transactions
Help & security
We're here for you
Help & security
Help & security
Managing your money
Difficult times
Bank accounts
Accounts & services
Bank accounts
Bank accounts
Travel services
Features & support
Already bank with us?
Borrowing
Cards, loans & car finance
Borrowing
Borrowing
Already borrowing with us?
Thinking about applying for credit? Check Your Credit Score for free, with no impact on your credit file.
Mortgages
Accounts & calculators
Mortgages
Mortgages
Features & support
Already with us?
Mortgage support
Worried about paying your mortgage? We have various ways that we can help you.
Â
Savings
Accounts & ISAs
Investing
Pensions & investments
Investing
Investing
ETF Quicklist
Investing
Pensions and retirement
Investing
Wealth management
Already investing with us?
Start your investment journey with free regular investing and our ETF Quicklist.
Insurance
Home, life & car
Insurance
View all insurance products
Insurance
Insurance
Other insurance
Already insured with us?
Support for existing customers
Would your family manage financially without you? Get cover they can count on.
Per annum means once per year. It is often used to describe interest rates.
Interest on savings
When you earn interest on your savings, it is usually calculated daily and then paid either monthly or per annum (annually). It's normally known as AER (Annual Equivalent Rate).
The amount of interest you earn will depend on whether it's simple or compound interest. Our savings accounts use compound interest. This means that you earn interest on money you deposit as well as any interest you've previously earned.
For accounts that only use simple interest, you would only earn interest on the money you pay in, but not any previous interest.
Even though the interest may be calculated on a per annum basis, it may be paid to you monthly.
Find out more about how interest rates work on savings accounts.
Interest on borrowing products
While you can earn interest on your savings, if you borrow money then you may have to pay interest on top of what you borrow. You will often have to pay interest on things like loans, credit cards and mortgages.
Find out more about how interest rates work on borrowing products.
You may also like
Our savings products and tools